"Who wants to earn $100,000 from one deal?" — businessman Gevorg Safaryan’s question to YSU students

An alumnus of YSU Faculty of Economics and Management, Gevorg Safaryan, delivered a talk titled "Technologies Developed in Armenia for the World". He shared how he managed to establish a business in Armenia with limited resources — a business that exports its digital solution to international markets.

In 2007, a businessman asked him why queue management systems were not being imported into Armenia. Safaryan noted that within just an hour of that conversation, he and a friend decided to initiate production locally. At the time, he was only 23 years old.

"During one discussion, the question arose: can a lack of resources be a barrier to launching a business? I’m here to talk precisely about how we started everything almost from scratch — founding our first company, Lime Tech," Safaryan noted, emphasizing that the company was built on a strong commitment to ideas, knowledge, and support from friends and family.

Their team successfully produced Armenia’s first queue management terminal. Just six months after launching the business, they earned their first $100,000. Safaryan noted that such success is possible for any student who combines creativity with initiative. According to him, it is often the simplest ideas that are overlooked, even though they have the potential to turn into real products and success stories.

"I want to prove to you that each person in this room can manage the production of this device. Let’s quickly imagine — how do we manufacture it?" he asked. Students responded: "Touchscreen, metal casing, software, printer, paper, computer."

Safaryan explained that once the necessary components were acquired, they developed the software for the device with a budget of just $500.

The first terminal they came across was placed in one of Armenia’s banks. After further questioning, they discovered that the bank had bought it for $12,000, whereas their own device’s production cost was only $2,000. They decided to sell their device at a much lower price. As a result, several companies and banks showed interest and started ordering. 

Following their first success, the company expanded production, diversifying its range of self-service devices, including VR terminals, thus helping others bring their own ideas to life.

"We serve our economy and our country, and I truly believe that each of us is a 'soldier' of the economy — no less important on the path to national strength," the speaker emphasized.

To learn more about the company’s digital solutions and the stories behind the founding of their business, watch the video.